A basic course for those preparing for a bachelor's degree in business administration or accounting. Fundamental accounting concepts and procedures employed by business entities are examined. Basic areas covered include the accounting cycle, income statement, balance sheet, merchandise, cash, systems and controls, receivables, inventories, plant and intangible assets, and current liabilities. Students who have successfully completed ACCT 1050 or ACCT 1060 cannot earn credit in ACCT 1010 and those who have successfully completed ACCT 1010 cannot earn credit in ACCT 1050 or ACCT 1060. 3 hours lecture.

This course is designed to give students a basic understanding of the role of accounting information in business and the relevance of accounting information in their future careers. It focuses on information communicated by the financial statements and how this information is used in making business decisions across the organization. Prior to spring 2004, ACCT 1010 was listed as ACCT 2010. revised again 09/2011